OPEC with the big fat "NO!" on Thursday. Read from the bottom up for the chronology:
- Oil gives back most of its gains after OPEC
- Official statement: OPEC to hike production by 400k bpd
- OPEC agrees to raise output 400k bpd, as expected - report
The White House is unhappy:
Biden wanted an output boost of between circa 600-800kb/d. The Biden admin says it'll use all available tools to protect the economy (ie. lower gas prices to protect votes) ... will this mean a release of oil from the US Strategic reserve? There is plenty of oil market chatter about that this is the next step.
